Companies in the Tokyo Emissions Trading Scheme cut their CO2 emissions 22.6% in the first four years of the market and most have already exceeded their targets to 2019, the city government said on Feb. 19.

The 1,300 small and medium-sized facilities covered by the ETS emitted 10.53 million tonnes of CO2 in 2013, down from 13.61 million tonnes in the scheme’s base year (2002-2007 average), the Tokyo Metropolitan government said in a statement.

Companies cut emissions 1% in 2013 compared to 2012 as new emission reductions were almost outweighed by the lifting of some of the strict energy efficiency measures put in place after the 2011 earthquake, which caused the bulk of overall reductions.

The scheme, which began in 2010, requires industrial facilities to cut their emissions 6% by 2014, and office buildings and other facilities 8%, compared to the base year.

The second trading period, which began on Jan. 1 this year, raises the targets to 17% and 19%, respectively, by 2019, but most of the participating firms have already achieved their targets for the next five years.

The Tokyo ETS includes incentives for energy efficiency and energy saving, and most participants take advantage of these, meaning actual permit trades are rare.

By Stian Reklev – stian@carbon-pulse.com